CHENNAI: Enforcement Directorate (ED) has attached assets worth Rs 4.5 crore in connection with its money laundering probe against retail store chain 'Subhiksha' in the alleged bank loan fraud of Rs 77 crore.
The agency has attached seven immovable properties of the owner of the group R Subramanian, including four agricultural plots in Tamil Nadu's Villupuram district, under the provisions of the Prevention of Money Laundering Act (PMLA).
Economic Offences Wing (EOW) of the CBI and Tamil Nadu Police are also probing the case. The central agency's bank security and fraud cell here had earlier filed a charge sheet against Subramanian and his firm.
Subramanian is the promoter and Managing Director of Ms Subhiksha Trading Services Limited, a retail chain of stores which sells products under the category of Fast Moving Consumer Goods (FMCG), pharma, groceries, fruits and vegetables among others.
The CBI, in a statement, said the probe conducted by it revealed that Subramanian availed term loan and cash credit amounting to Rs 77 crore from Bank of Baroda in 2007. It was among various facilities availed from various banks for the purpose of establishing the chain of stores with the brand name 'Subhiksha'.
"But the funds were diverted fraudulently by him. The entire loan amount was at default," the agency said.
The ED during an investigation found that four agricultural plots to the extent of 9.59 acres and two vacant pieces of land were fraudulently transferred in the name of Ms Triad Trading Services Limited, a group company of Subramanian, it said.
"Another property in the name of his wife located at Marakanam and Neelangarai was also identified. These seven immovable properties valued at about Rs 4.50 crore were provisionally attached under the provisions of PMLA," it said.
An attachment order under PMLA is aimed at depriving the accused from obtaining benefits of their alleged ill-gotten wealth and the accused parties can appeal against the order before the Adjudicating Authority of the said Act within 180 days, the agency said.
The EOW had also registered a case against Subramanian for alleged cheating and criminal breach of trust under relevant sections of IPC and Tamil Nadu Protection of Interest of Depositors (in Financial Establishment) Act in 2013 based on a complaint.